June 3, 2019
Shares of Apple Inc were down nearly 3% in afternoon trading on Mon following a Reuters report that the U.S. Dept of Justice was given jurisdiction to include the iPhone maker as part of broader antitrust probe.
Stock has since pared loss, last down 1.0% at $173.29.
Regulatory risks have weighed on other members of the so called FAANG group of momentum stocks; Facebook Inc is down 6.9%, Amazon.com off 4.4%, Google parent Alphabet Inc sliding 6.4%.
The broader Nasdaq was last down 1.3%, with FAANGs weighing heaviest.
Communications services and tech sectors were the heaviest drag on the S&P 500, down 2.7% and 1.5%, respectively.
So far this year, AAPL has gained ~10%, slightly underperforming the IXIC’s ~11% advance.
(Reporting by Stephen Culp)